Energy Minister stresses balance of economic growth, energy security

Prince Abdulaziz bin Salman, Minister of Energy

Prince Abdulaziz bin Salman, Saudi Minister of Energy, stressed the importance of balancing economic growth, energy security, and efforts to combat climate change.

This statement came during the minister's participation in the G20 meetings held in Brazil, mainly to discuss energy transition, on Oct. 3-4.

The minister highlighted Saudi Arabia's leadership in carbon technologies, affirming the Kingdom's ambition to be a role model in utilizing circular carbon economy technologies and to be a global leader in the production and export of clean energy.

He reviewed the Kingdom's efforts to boost its renewable energy capacity to approximately 44 GW by the end of 2024.

Further, the minister discussed the establishment of a hydrogen production center in Ras Al Khair industrial city, as well as a major carbon capture and storage project with a capacity of 9 million tons annually by 2027.